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"Stupid Lender Rears It's Ugly Head, Again!!"

Real Estate Broker/Owner with Dan Hopper - Gold Way RE

April 25, 2013 04:12 AM

"Stupid Lender Rears It's Ugly Head, Again!!"

Westminster, CO - "OH BOY", says Scott Bakula, playing "Sam" from the old TV Series, "Quantum Leap", right after his leap into a significant person for the next week's TV episode.

Yes, the Saga with the Stupid Lender Award, continues onto a slow death!! After, about 2 months of working this lender, 21st Mortgage Corp, out of Knoxville, TN., we have concluded they are NOT with the program to negotiate in "good faith" to assist a borrower from avoiding a foreclosure. IN FACT, they force home owners INTO FORECLOSURE, whether they are a 1st or 2nd lien holder!!

Even, after the seller has requested assistance from one of our local Congressman, Senator Michael Bennett's office, we still received such ridiculous requirements from a 2nd lien holder!!

Review letter from Bennett's office and a "legal Eagle" from 21st Mortgage >> HERE!

I could not help myself but to display the most appropriate photo to define 21st Mortgage Corp!!

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Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.
Thank you for reading, "Stupid Lender Rears It's Ugly Head, Again!!"

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Steven Cook

No Longer Processing Mortgages. - Tacoma, WA

Dan -- I would have to agree, based on your summary, that the Quantum Leap quote is most appropriate.

Apr 25, 2013 04:19 AM

Dan Hopper

Dan Hopper - Gold Way RE - Westminster, CO

Denver Broker / Author / Advocate/Short Sale

Thanks Steven ... after working this short sale since November 2012... such a shame that we cannot capture anyone's attention at 21st Mortgage... not even Congress!!

Apr 25, 2013 04:28 AM

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Dan, sure hope I never see this lender's name on anything.....

Apr 26, 2013 12:18 AM

Joan ... it is such a shame to have a "debt collector - lender" such as this in the process. Their non-negotiable stance while being a 2nd lien holder is beyond understanding! I guess they are too wealthy of manufactured housing lender, so it is ok to not collect any amount so they can write off all the losses. STUPID!!

Apr 26, 2013 12:41 AM

Kristen Correa, Broker

Kristen Correa Real Estate & Reedy Creek Realty Services - Keller, TX

I love coffee & real estate. I am out of coffee!

Never say never, so I'm not saying that's never happened to me, but I am saying please don't ever let that happen to me! ICK!

Apr 26, 2013 12:45 AM

Kristen ... when I found out that GMAC had released their services on this 2nd lien, and discovered that 21st Mortgage was the new servicer of the loan... I did research on them and talked with 2 other brokers, one in CA, and one in Missouri... both were forced to foreclosure due to this company's stance! So, again... why would a company take over a loan in default, UNLESS, they BOUGHT the loan and NOW they are the debt collector. Yet, due to the foreclosures, they got ZERO funds. It really does not make any good business sense!!

Apr 26, 2013 12:51 AM

Debbie Reynolds, C21 Platinum Properties

Platinum Properties- (931)771-9070 - Clarksville, TN

The Dedicated Clarksville TN Realtor-(931)320-6730

Dan, How unfortunate that is didn't work out and you were strung out through the process.

Apr 26, 2013 01:08 PM

Yes, Debbie ... no one likes to exercise themselves and a short sale processor for 6 months to get snuffed out by a 2nd lien holder who tries to hold the process hostage for some unrealistic result!

Apr 26, 2013 01:18 PM

Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional

Charles Rutenberg Realty - Clearwater, FL

Palm Harbor, Dunedin, Clearwater, Safety Harbor

That is the kind of thing we all hate to read! Wow!

Apr 28, 2013 06:07 AM

Barbara Jo... you are right. Short sales have their own difficult issues without a new lender in the mix that seems to not play by the same rules.

Apr 29, 2013 12:34 AM

Elizabeth Weintraub Sacramento Realtor Top 1%

RE/MAX Gold - Sacramento, CA

Put 40 years of experience to work for you

In California, if these are hard money loans, I can see why 21st Mortgage won't play because they have recourse if they don't. They don't have to play. Nobody says they have to do a short sale. They bought a loan that was in default because they can make money from it without doing a short sale. I'm not sure how they make money but you can bet that they do. Or, they pursue for collection. They're just not short sale material.

I'm finding that some lenders are getting tired of waiting for the owners to do short sales, so they're dumping the loans on collection agencies and taking a few pennies and then they can forget about it. The collection agencies don't want to do short sales. So just don't bother when you see something like this.

Apr 30, 2013 08:54 AM

Thanks, Elizabeth... this is not a hard money loan, was released by GMAC, and 21st has it now. I am sure they are a debt collector at this point. But we had a HAFA agreement giving them $8,500, not bad for a $27,000 2nd lien.

Apr 30, 2013 09:45 AM

And they would not take the $8500? Wow.

Hey, that link to the Bennett letter does not work. I came back here to try it again and it still doesn't work.

I have a lawyer in CA working on a short sale for me with 21st in 2nd position, but I'm having doubts it will be work. I suspect 21st just doesn't want to do them.

Apr 30, 2013 10:48 AM

Oh Elizabeth ... you will probably never get there on that 2nd lien. 21st mortgage does not care... check their website out.. it states that if they are a 2nd lien holder, they will only work a short pay-off if they get the same percentage as the 1st. So, I am thinking they are just a true debt collector. Find out with the attorney if they actually own the note or not... they told my client it was owned by Knoxville Trust ... which has the same address and phone number of 21st Mortgage.

What made this situation so bad, we were about 90 days into the short sale process, waiting for citimortgage to get their act together when GMAC release their sevice of the loan, then 21st picked it up.

Thanks about the link... I will check on that Bennett letter.

Apr 30, 2013 10:54 AM

"Stupid Lender Rears It's Ugly Head, Again!!"

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